It really is about collaboration and not competition.

Most banks or lenders are looking for a property that has a LTV of 75% or lower after cash out and some requesting a DSCR of 1.00x once fully leased.If you was looking for $100,000 you would want to at least get the property to be appraised at $145,000 to get the most competitive pricing and enough cash out for yourself and closing costs.  

having market knowledge and boots on the ground in Buffalo as you noted is definitely a plus, but there is just so much competition right now, even for the most distressed assets. 

It is most likely price, but just look at your competition and try price your home to beat out theirs (within reason)!

Now the fed is expected to begin cutting rates and we may begin to see greater separation between bank and alt. lender rates but if the fed cuts rates slowly as predicted  there is likely still a window where alt lenders will be competitive, especially in the scenario I described. 

Not easy to find a strong STR investment that cash flows down in our market with the low inventory and the number of competitive offers - Bravo!

Quotes vary based on credit scores, points and other factors.The lower rates haven't quite had a foothold in the market yet, meaning active buyers don't have much competition...yet. 

Also you need a good GC that has competitive pricing and that has actually built homes before. 

It should encourage a free economy with respect to residential housing recognizing that large profits would encourage competition/development.  

@Kevin Farrell There is an electrical supply company that sells high quality electrical equipment including meters on EBay for a fraction of the price you would pay at a supply house.